Arbitrage Definition In Persian In Washington
Category:
State:
Multi-State
Control #:
US-00416-1
Format:
Word;
Rich Text
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Description
The Arbitration Agreement is a legally binding document executed as part of a Contract for the purchase of a manufactured home, governed by the Federal Arbitration Act. The agreement ensures that any claims or disputes related to the sale, purchase, or occupancy of the home, including financing issues, are resolved through binding arbitration administered by the American Arbitration Association. It specifies that arbitration can be initiated by any party through a written Notice that details the dispute and requested remedy. Importantly, claims under $20,000 are handled by a single arbitrator, while claims above this amount require a panel of three arbitrators. This agreement serves as a waiver of the right to a jury trial, emphasizing the differing rights and rules applicable in arbitration versus court. Users such as attorneys, partners, owners, associates, paralegals, and legal assistants will find this form useful as it outlines clear procedures for dispute resolution, the roles of the arbitrators, and the implications of entering into arbitration rather than court. Furthermore, it clarifies the responsibilities of the parties involved, costs associated with arbitration, and the finality of the arbitrator's decision, making it an essential resource for legal professionals involved in real estate transactions.
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